Deutsche Bank has been aggressively bullish on the US dollar since turning bearish on EUR/USD in early March targeting 1.20 by year-end. Today, DB reiterates this bullish USD view outlining 3 reasons that are building its confidence in buying the greenback at the moment: First, real yield differentials between the US and the rest of the world have turned for the first time since 2008, and the dollar is lagging the move. There are two sides to this equation: the market is revising down the NPV of the Fed's balance sheet, while the rest of the world remains in firmly dovish territory or growth expectations are sagging. ... (full story)